CORN
- Dec down 1 @ 5.37
- Rains today in the eastern Corn Belt disrupting harvest
- January corn on China’s Dalian exchange is around the equivalent of $10.29 per bushel
- Ethanol profitability remains strong
- Quality is a concern in North China where there have been heavy rains
- Central Brazil received some heavy wind, rains, and hail
SOYBEANS
- Nov up 11 @ 12.32
- Despite rumors last week, there was a lack of sale announcements
- November soybeans on China’s Dalian exchange are around the equivalent of $19.32 per bushel
- Brazilian crop conditions remain favorable – likely record crop in 2022
- Malaysian palm oil production should ramp up – their government reportedly is reopening the industry to foreign workers
WHEAT
- Dec wheat up 5 @ 7.61, Dec KC up 3 @ 7.77, Dec MNPLS up 9 @ 10.22
- In China 900,000 mt of wheat reserves were auctioned off
- The US SRW crop has good soil moisture, with more rains coming this week
- Drought remains a concern in HRW crop areas
- MPLS wheat is above $10 for the first time since 2012
- Paris milling wheat futures are making new highs again
CATTLE
- Dec LC up 1.600 @ 129.925 & Apr FC up 1.875 @ 163.575
- Cattle on Feed report was somewhat friendly
- Oct 1 on feed numbers were 99%, placements at 97%, and marketings at 97%
- Placements were significantly lower than the expected 101.4%
- Choice cuts up 1.16 and select up 0.39
- Cattle slaughter projected at 120K
HOGS
- Feb hogs up 0.225 @ 76.850 & Feb pork cutout @ 90.500
- Hog futures are oversold
- December and February have gaps in the charts above current levels, which may be filled at some point
- Packers can obtain hogs without much difficulty
- National Direct Afternoon report increased 0.20
- Hog slaughter projected at 476K
- CME Lean Hog Index for 10/25: down 1.13 @ 83.70